This chapter may be cited as the "Asset-Backed Securities Facilitation Act."
73 Del. Laws, c. 214, § 1.;
§ 2702A. Intent.
It is intended by the General Assembly that the term "securitization transaction" shall be construed broadly.
73 Del. Laws, c. 214, § 1.;
§ 2703A. Securitization transaction.
(a) Notwithstanding any other provision of law, including, but not limited to, § 9-506 of this title, "Debtor's right to redeem
collateral," as said section existed prior to July 1, 2001, and § 9-623 of the title, "Right to redeem collateral," which
became effective July 1, 2001, to the extent set forth in the transaction documents relating to a securitization transaction:
(1) Any property, assets or rights purported to be transferred, in whole or in part, in the securitization transaction shall
be deemed to no longer be the property, assets or rights of the transferor;
(2) A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor
or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, to the extent
the issue is governed by Delaware law, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover,
repudiate, disaffirm, redeem or recharacterize as property of the transferor any property, assets or rights purported to be
transferred, in whole or in part, by the transferor; and
(3) In the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or the transferor's
property, to the extent the issue is governed by Delaware law, such property, assets and rights shall not be deemed to be
part of the transferor's property, assets, rights or estate.
(b) Nothing contained in this chapter shall be deemed to require any securitization transaction to be treated as a sale for
federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state
tax purposes or to change any applicable laws relating to the perfection and priority of security or ownership interests of
persons other than the transferor, hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency
proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession or
similar person.
It is not the purpose of this chapter to change the tax treatment of securitizations that take place pursuant to this chapter.
This chapter may be cited as the "Asset-Backed Securities Facilitation Act."
73 Del. Laws, c. 214, § 1.;
§ 2702A. Intent.
It is intended by the General Assembly that the term "securitization transaction" shall be construed broadly.
73 Del. Laws, c. 214, § 1.;
§ 2703A. Securitization transaction.
(a) Notwithstanding any other provision of law, including, but not limited to, § 9-506 of this title, "Debtor's right to redeem
collateral," as said section existed prior to July 1, 2001, and § 9-623 of the title, "Right to redeem collateral," which
became effective July 1, 2001, to the extent set forth in the transaction documents relating to a securitization transaction:
(1) Any property, assets or rights purported to be transferred, in whole or in part, in the securitization transaction shall
be deemed to no longer be the property, assets or rights of the transferor;
(2) A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor
or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, to the extent
the issue is governed by Delaware law, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover,
repudiate, disaffirm, redeem or recharacterize as property of the transferor any property, assets or rights purported to be
transferred, in whole or in part, by the transferor; and
(3) In the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or the transferor's
property, to the extent the issue is governed by Delaware law, such property, assets and rights shall not be deemed to be
part of the transferor's property, assets, rights or estate.
(b) Nothing contained in this chapter shall be deemed to require any securitization transaction to be treated as a sale for
federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state
tax purposes or to change any applicable laws relating to the perfection and priority of security or ownership interests of
persons other than the transferor, hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency
proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession or
similar person.
It is not the purpose of this chapter to change the tax treatment of securitizations that take place pursuant to this chapter.
This chapter may be cited as the "Asset-Backed Securities Facilitation Act."
73 Del. Laws, c. 214, § 1.;
§ 2702A. Intent.
It is intended by the General Assembly that the term "securitization transaction" shall be construed broadly.
73 Del. Laws, c. 214, § 1.;
§ 2703A. Securitization transaction.
(a) Notwithstanding any other provision of law, including, but not limited to, § 9-506 of this title, "Debtor's right to redeem
collateral," as said section existed prior to July 1, 2001, and § 9-623 of the title, "Right to redeem collateral," which
became effective July 1, 2001, to the extent set forth in the transaction documents relating to a securitization transaction:
(1) Any property, assets or rights purported to be transferred, in whole or in part, in the securitization transaction shall
be deemed to no longer be the property, assets or rights of the transferor;
(2) A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor
or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, to the extent
the issue is governed by Delaware law, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover,
repudiate, disaffirm, redeem or recharacterize as property of the transferor any property, assets or rights purported to be
transferred, in whole or in part, by the transferor; and
(3) In the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or the transferor's
property, to the extent the issue is governed by Delaware law, such property, assets and rights shall not be deemed to be
part of the transferor's property, assets, rights or estate.
(b) Nothing contained in this chapter shall be deemed to require any securitization transaction to be treated as a sale for
federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state
tax purposes or to change any applicable laws relating to the perfection and priority of security or ownership interests of
persons other than the transferor, hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency
proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession or
similar person.
It is not the purpose of this chapter to change the tax treatment of securitizations that take place pursuant to this chapter.